Neither Angela nor her husband Harold (not their real names) were ready for an early retirement. At 61 and 58, respectively, both are successful business owners. They’re secure financially but before now, weren’t ready to commit to an exit plan. 

“She said, ‘If your husband is retiring, what about you?’” Angela recalled from their conversation this past spring. “It’s something I’ve never thought about before, because my initial response was, ‘You don’t retire from something you love.’”  

This is the first in a series of articles focused on how financial advisors are working with clients to create retirement plans tailored to their individual needs.   

• The expert: Thuy Lam, an advice-only certified financial planner with Objective Financial Partners in Markham, Ont. 
• The client: Angela, a 61-year-old woman and owner of both a non-profit business and a for-profit business in Ontario. 

Harold was the first to engage advisor Thuy Lam on the subject. She then turned her attention to Angela. 

Lam encouraged Angela to embrace retirement. The two ultimately landed on a five-year phased approach, giving Angela enough time to create a succession plan she feels comfortable with and to mentally prepare for the transition.  

“I’m working on putting pieces in place so we can continue to have the impact that we’ve been having,” Angela said. 

The changing nature of retirement

The average Canadian retirement age was 65.3 years old in 2024, according to Statistics Canada. That figure reflects an ongoing trend toward later retirement that started to take shape in the 2000s. A ban on mandatory retirement, increased longevity, the increasing cost of living and a desire for continued participation in the workforce are some of the forces behind this trend, which has seen many Canadians either opting for a phased retirement, coming out of retirement to work or structuring their plan to allow them to work later in life.   

Lam asked several probing questions to get Angela thinking about the right approach for her. 

For one, she asked how she planned to spend retirement alongside her soon-to-retire husband, encouraging her to reflect and rediscover her interests and passions in this next phase of life.   

“It’s about creating that space for clients to get them to a point where they’re psychologically, mentally ready,” Lam said. “And it makes for a successful retirement.”  

Angela said she sees them spending more time with their two grandchildren, at their cottage, travelling overseas, finding ways to give back to their community and riding around on her husband’s motorcycle, which has been sitting around collecting dust. 

Lam also asked Angela if she envisioned herself continuing in the same roles and in the same capacity in her businesses once she retired, or if she could see herself gradually taking steps back.  

It was clear that Angela “does see herself significantly reducing hours of when she’s involved, but she’s not ready to let go … entirely,” Lam said.   

Based on that revelation, they built a plan that would see Angela shift from working at 100% capacity to 60%, then 30% and then 10%. During this transition period, she plans to delegate more responsibilities to her staff and identify her desired successors. By the end of the five years, she hopes to work for the businesses strictly in an advisory capacity and to retain some equity in her for-profit business to partially fund her retirement.  

Angela called it “a mental preparation more so than a financial preparation.”  

This is common, Lam said, among business owners who have the financial means to retire but view their businesses as “their babies — they started it from scratch and they just love what they do and they feel responsible for the team and responsible for having that business plan in place.”  

The numbers  

Behind the scenes, Lam compiled a full financial picture of where Angela and her husband stand. This included their assets, liabilities, expenses, incomes, tax returns, group benefits and Canada Pension Plan contributions. 

“I find when people are transitioning into retirement, they’re not confident, because … they don’t even know how much they need to spend to fund that retirement life they envision,” she said.  

The first exercise for Lam was updating Angela and her husband’s current spending needs, including their base and variable expenses.  

Lam then created a separate set of capital projections to determine their cash flow needs based on their vision for retirement, which includes local and international travel.  

She also accounted for extraordinary expenses that would continue into the couple’s retirement, such as car replacement, home renovations, as well as goals with regards to estate planning or pre-gifting for their three adult children. 

“[I was] asking probing questions to get a better, more realistic assessment of what their spending needs would be during their active years in retirement, and then their not so active years, because that’s important,” Lam said.  

In terms of Angela’s decumulation strategy, Lam said she used financial planning software to model different drawdown scenarios, such as: “What if she brought down her RRSP early? What does that look in terms of overall taxes? What marginal tax rates can I keep her in since her husband has a defined benefit plan and there are income splitting opportunities there?” 

“It is actually a bit of a fine art to balance,” she explained. 

Ultimately, she recommended early RRSP withdrawals for both Angela and her husband, and applying to unlock the small balance Angela had in a locked-in retirement account.  

She said she intends to revisit the couple’s plans with them prior to Angela’s husband retiring from his position in 2026, and at regular intervals after that. 

For Angela, these conversations have helped her feel confident in the plan because she didn’t think it was feasible for her to retire, she said. This was especially reassuring because she’d heard stories about two friends who recently retired and “really struggled.” 

“One had to seek some therapeutic help, because it was such a shift [from] getting the regular income that they were used to getting,” she said. 

Beware of disconnects 

Some advisors may assume their clients really know and understand their spending needs, but Lam recommended either working with soon-to-retire clients to identify their expenses or encouraging their clients to calculate them because “there might be a disconnect.”  

“It’s a really good exercise,” she said. “I believe that it forms a strong foundation for the plan and more accurately reflects the client’s spending needs. And not only that, but I believe it kind of makes the numbers more meaningful for clients, when they can really connect how their spending dollars can fund their goals and their dreams.” 

At the same time, advisors need to recognize that retirement planning “really goes much deeper than the numbers,” Lam said.  

Many people pour hours of work into their career, and it forms the basis of their identity, so advisors need to help their clients reidentify and rediscover themselves once their career comes to an end or takes a back seat to other parts of life, she recommended.  

“It’s very emotional,” Lam said. “How we can continue to make a contribution, have a sense of story and reidentify ourselves, I think that’s a really important aspect. From there, the vision comes for what activities you’d be doing, where you’d be spending your time, and then that translates to time and numbers.” 

That’s been the most difficult aspect for Angela to wrap her head around, she said, because she spent more than a decade developing her two businesses and mentoring people along the way.  

Her advice for soon-to-be retirees is to find a financial mentor to help with the retirement planning process.  

“It’s been an eye-opener, having somebody professional who is on the journey with you helping you with that documentation, asking all the right questions and … able to present the facts,” she said. 

Reflecting on a book her husband is reading on retirement, which she also picked up recently, Angela shared another message: “Recognize that this is what you’ve … been working all these years for, and now it’s time to enjoy it and figure out how you will spend your time. How will you spend your time when you’re not accountable to anybody but you?” 

Life insurance is one of those all-to-common things in financial services: a solid value proposition that prospective customers find ever more creative ways to avoid buying. Canada’s post-pandemic inflation rate is just one of the reasons otherwise intelligent adults choose not to do the right thing for their financial future.

If only we could read clients’ minds.

Since we can’t, a review of comments from financial wellness program attendees will have to do. Check out these four real-world excuses.

Life insurance is a waste of money

It’s common for people to feel that life insurance may be a waste because most people don’t think they’ll die during their working years. They aren’t wrong, but no-one knows for sure.

Many put off a purchase because they feel they can’t afford it right now. Some even think their family may not need the money. So they put it off.

I have enough insurance at work, or I have mortgage insurance

The average person doesn’t sit around thinking about how much insurance they need.

Having one year’s salary, or their mortgage paid off can seem like a big windfall that will cover their family for a while. But people don’t really take the time to map out the financial hole losing their salary would create, and for how long that would impact their family.

It will cost half as much for my spouse to live if I pass away

People assume they’d spend half as much if their spouse were to pass away. Sure, the grocery bill will be reduced and there will be less use of water in the household.

But the property tax isn’t based on how many adults are in the house, and the power bill won’t change that much. If there are children involved, then the reduction in expenses will be even less noticeable.

I’m not wealthy enough to have estate issues

This is one of the most common beliefs. People feel that only the ultra-wealthy must think about their estates.

When we explore this with wellness program participants, we find out they don’t realize that if their RRSP passes to a non-spousal beneficiary, it’s a deemed disposition. That makes it fully taxable on the final return of the deceased.

That means any sizable accounts will be ravaged by taxes. What passes to the heir will be greatly reduced. Many of your clients may realize this. Still, we educate plenty of people with advisors who don’t.

When I talk with program participants and explore the root of their beliefs, here’s what it boils down to — people have trouble understanding how much coverage they need, and they struggle to justify spending money on life insurance.

The good news is that working on your clients’ cash flows can solve these issues. Helping your clients free up money to cover insurance costs without impacting their lifestyle, and helping them see in greater detail how much their life costs, helps them take ownership over how much coverage they really need.

Too many adults are underinsured. According to LIMRA’s Life Happens study, 57% of Canadian adults say they have life insurance, but 8.4 million adults realize they need more coverage.

We’ve found a significant number of program participants who feel they have enough, and only realize they have a serious gap after they complete a quick test. People need an easy way to figure out how much coverage they need. Then, showing them how to afford it without giving up things they love removes the other barrier.

There are a lot of competing priorities. Your role is to help clients find the money to fund ideal life insurance coverage.

You can provide your clients a great service by considering their cash flow as part of an overall insurance strategy. Don’t assume that higher income, or higher net worth clients won’t benefit from spending management strategies. Not only can these concepts help them build more wealth, it can protect that wealth too.

Smart planning software powered by AI is transforming the advisory business. Tasks that once took hours — scenario modeling, projections, product comparisons — now take minutes. It’s not just efficiency, it’s strategic enablement. AI-driven platforms are helping firms deliver more consistent, scalable and client-ready planning experiences.

In short, the digital infrastructure is advancing rapidly. But the human infrastructure — advisor-led relationships — has not kept pace.

This growing misalignment is becoming a new dividing line in the industry. Firms that align their technology capabilities and evolve their human advice model will lead the market. Those that fail to adapt both sides may find themselves increasingly irrelevant, stuck in outdated service models, while competitors surge ahead.

From knowledge to wisdom

The concept of a wisdom era isn’t new. Thought leaders like Stan Davis and Jim Bodkin framed this as a shift from the knowledge economy — where data, information and expertise were the differentiators — to a wisdom economy, where judgment, context and human interpretation take centre stage.

AI has made knowledge a commodity. Today, anyone can access financial facts, projections and options with a few clicks. What clients increasingly seek — and what truly differentiates an advisor — is wisdom: knowing what matters, when to act, how to weigh trade-offs and how to support confident decisions.

Automated platforms have reduced cost and improved consistency. Digital systems have enhanced compliance and audit trails. Cybersecurity tools protect growing volumes of client data. And smart planning software boosts productivity and planning frequency.

But even the most sophisticated platforms are often underused. In many cases, robust, full-ecosystem planning tools are used as simplified calculators or modular needs-analysis engines — repurposed not to drive holistic advice, but to more efficiently route clients toward product sales. The tools are capable of strategic planning; the usage patterns often aren’t.

If we fail to evolve the human side of advice, we’re investing in only half the solution.

Author Geoff Colvin describes durable skills as those least likely to be replaced by automation: empathy, judgment, storytelling, deep listening and trust-building. These skills aren’t technical, they’re relational. And they’re foundational to modern advice.

Yet many newer entrants to the industry lack formal development in these areas. They’re fluent in platforms and planning tools, but less so in guiding emotional decisions or navigating nuanced client dynamics. Without intentional investment in these durable skills, firms risk building fast engines without a steering wheel.

Interpretation and clarity

Clients don’t just need data. They need interpretation and clarity. And they need it delivered in a way that matches how adults learn:

• Visually: Research shows adults retain 65% of information presented visually, compared to 30% when it’s only spoken.
• Experientially: Clients learn through dialogue, analogy and emotional resonance — not technical jargon.
• Contextually: Advice must feel relevant to life events, not abstract performance metrics.

Firms that treat the advisor role as a planner with a license miss the point. The human side of advice must evolve into something more proactive, perceptive and personal.

Advisory businesses that align technological advancement with human skill development will gain both productivity and trust. When AI handles the heavy lifting of analysis and strategy, it frees the advisor to focus on deeper relationships. This builds loyalty, improves engagement and ultimately grows revenue and retention.

But the inverse is also true: if AI accelerates planning while advisor behaviour remains transactional, clients will increasingly bypass the advisor altogether in favor of cheaper, faster alternatives.

Advisory success in the next decade won’t be determined by technology alone. It will depend on how well firms align digital innovation with human relationships. Those who get that right — who balance smart platforms with wise professionals — won’t just survive. They’ll lead.

BMO has launched a client-facing financial planning portal, My Financial Progress, based on Conquest Planning’s software, the bank announced recently.

The platform is available on BMO’s app and online banking website.

“Most people don’t want to do financial planning, and they don’t want to do budgeting either, so this is something that gives them really foundational pieces,” said Gayle Ramsay, head of everyday banking at BMO.

Instead of releasing a simplified version of Conquest to clients, BMO chose the holistic version, allowing clients to create personalized goals with different time horizons and generate tailored financial strategies to reach those goals. The tool also provides nudges and suggestions to help clients stay on track.

My Financial Progress syncs clients’ BMO accounts with the platform so strategies update in real time based on their assets. Clients can also click a link to book an appointment with an advisor.

Some clients like to know what they need to work on before meeting with a financial advisor, and My Financial Progress helps them prepare for a more complex conversation, Ramsay said.

RBC joins MIT fintech research, and announces AI model

RBC has joined the Massachusetts Institute of Technology’s Computer Science and Artificial Intelligence Laboratory (MIT CSAIL) fintech and AI research initiative.

The bank’s three-year membership gives it access to CSAIL’s graduate students for recruitment, as well as technical briefings and educational workshops, according to a release.

The partnership also includes early access to research on machine learning, predictive analytics, secure computation, cybersecurity and financial applications of data science. RBC and CSAIL will collaborate on research into LLM safety, bias mitigation and financial crime prevention.

Separately, RBC announced that several of the bank’s products and services use its Asynchronous Temporal Model, an AI system that provides banking insights.

Developed by RBC Borealis — the bank’s in-house research institute — and trained on billions of client transactions, the AI model is part of Lumina, RBC’s data platform. Lumina collects information from all of the bank’s lines of business and can process up to 10 billion transactions per minute.

RBC said all of its AI applications meet regulatory requirements and that client data never leaves the bank’s control.

Online insurance sales platform underwritten by Humania

Toronto-based third-party life insurance administrator Oneday has launched an online life insurance sales platform, it said in a release.

The life insurance policies are underwritten by Saint-Hyacinthe, Que., carrier Humania, which also underwrites policies for Emma, another Canadian third-party administrator.

Oneday offers simplified-issue life insurance that require no medical exams and promises decisions in 24 hours based on one questionnaire.

RBC Wealth Management uses and invests in d1g1t

RBC Wealth Management has begun using Toronto-based wealth tech firm d1g1t’s performance and risk analytics software, d1g1t announced recently.

The platform includes performance reporting, client portal access, portfolio management and billing tools.

RBC has also made an investment in d1g1t, though terms of the deal were not disclosed. The firm said it will use the funds to expand its team and increase adoption of its platform in Canada and the U.S.

Financial services firm partners with Microsoft

Global financial services firm FNZ has entered a five-year partnership with Microsoft to develop AI applications for the financial sector, the company announced last week.

FNZ has integrated Microsoft’s Azure AI into its platform, which is used by approximately 650 financial institutions managing nearly US$2 trillion in assets.

Microsoft’s AI technology allows FNZ’s platform to deliver more personalized user experiences, analyze large data sets and develop tools for risk management and compliance. Microsoft 365 Copilot will also be used in FNZ’s middle- and back-office operations.

There is an unspoken question at the heart of nearly every prospect meeting: what makes you special? For many advisors, it’s one of the hardest to answer clearly.

Some still rely on vague promises of comprehensive planning, trusted advice and putting clients first. These are table stakes, not differentiators. And in a post-pandemic, digital-first world where clients are savvier than ever, standing out requires more.

So, let’s unpack the question: Can you truly differentiate yourself in this industry? And if so, how?

According to Fidelity’s 2023 RIA Benchmarking Study, firms that clearly defined who they serve and how they help — through a documented value proposition and ideal client profile — brought in 67% more new clients and assets than firms that didn’t. Those same firms consistently outperformed their peers when it came to growth, retention, and overall performance. Turns out, clarity really does pay off.

Meanwhile, Cerulli Associates consistently reports that advisors who are most successful at client acquisition focus on distinct niches or areas of specialization, rather than trying to be all things to all people.

In other words, clients are drawn to clarity. They don’t want generalists. They want the right fit.

A perfect 10

Here are 10 strategies successful advisors use to differentiate themselves. All of them are backed by industry insight and real-world application.

1. Define a clear niche. The most effective advisors narrow in. For example:

• Women in tech pre-IPO.
• Physicians 10 years from retirement.
• Business owners preparing for exit.
• Recently divorced professionals.

A clear niche builds trust, authority and relevance — fast.

2. Tell your origin story. Clients remember narratives, not credentials. One advisor I met started in medicine, then pivoted after her father’s poor retirement planning. That story instantly built trust with health-care clients facing similar concerns. Be human, real and relatable.

3. Build a proprietary process or framework. Brand your planning process. Make it tangible. Advisors who walk clients through a named, visual framework (e.g., The Clarity Compass or The Freedom Plan) build a more memorable experience and perceived value.

4. Lean into financial life planning. Go beyond returns. Advisors who integrate values-based planning, behavioural coaching and life goals into their client conversations create deeper, stickier relationships. Look at firms like Kinder Institute of Life Planning or Money Quotient — they train advisors to have meaningful conversations that few others are having.

5. Show up where your clients already are. One advisor I worked with built a six-figure pipeline by offering monthly webinars for female lawyers through their professional association. She became the go-to resource in that community. Fish where the fish are — and speak their language.

6. Invest in the client experience. From onboarding to reviews, the best advisors obsess over client experience. Think:

• Welcome boxes with personalized notes.
• Streamlined digital planning portals.
• Proactive check-ins and unexpected touches.

Service is no longer enough. Experience is the differentiator.

7. Specialize in a complex problem. Another advisor I met only works with clients navigating cross-border tax issues. It’s a narrow niche, but incredibly sticky. Clients with complexity stay longer and refer more. What issue do you understand better than anyone else?

8. Leverage thought leadership. Whether it’s writing articles, podcasting or posting on LinkedIn — sharing your insights consistently builds credibility and visibility. You don’t need to go viral. You need to be useful and consistent.

9. Know your why, and speak it. Clients value advisors who are mission-driven, not revenue-driven. Why did you choose this profession? Why does it matter to you? Get this right and you’ll progress from selling to attracting.

10. Be authentically you. At the end of the day, the most important differentiator is authenticity. Clients can sense when you’re trying to mimic someone else’s voice, style or success formula. I’ve seen advisors burn out trying to be a version of someone else — polished, ultra-corporate or hyper-aggressive — when that’s not who they are. Your success isn’t in imitation. It’s in alignment. Know yourself. Own your voice.

It’s not what, it’s how

What you offer may not be unique. But how you deliver it can be — your process, your people and your results are what clients remember.

If you’re reading this thinking you don’t have a niche or you’re not a strong marketer, that’s OK. Start small.

Get curious about what makes you unique. Reflect on the clients you love working with most. Think about the problems you solve best. Build from there.

The most successful advisors I’ve met didn’t try to be someone they weren’t. They got clear, stayed consistent and led with authenticity.

Natalie Jamison, a senior wealth advisor at Scotia Wealth Management in Oakville, Ont., decided to specialize in serving women clients early in her career, after her mother came to her in a panic.

“My mom came to me, and she said, ‘I don’t know what your father’s doing with all my money. He’s invested it all in Italy,'” Jamison recalled. “I said, ‘No, he would never do that, mom.’ She said, ‘Yes he did, look at my statement right here — it says LIRA.’”

That incident — her mom not knowing that LIRA stood for locked-in retirement account, and the fact that she didn’t take the concern directly to her husband, who was a stockbroker — was the reason Jamison decided to become an advocate for women in the wealth industry.

“I have a unique position being a female in this industry and being able to talk to other females about their money,” she said.

The financial industry serves women much better today than it did when Jamison started out more than 25 years ago. She founded Women & Wealth, a specialty service offering financial education, events and access to a team of planning, investment, insurance, and trust and estate professionals through ScotiaMcLeod. The bank-wide Scotiabank Women’s Initiative also provides educational resources and events, with other banks having similar programs.

But the great wealth transfer, which is now underway, could create even more opportunity for advisors — a new wave of clients as some women seek to engage a financial advisor for the first time.

According to a McKinsey & Co. study released in May, the growth of female-controlled assets is outpacing the market. Between 2018 and 2023, global financial wealth increased by 43%, while the amount of wealth controlled by women rose 51%. It now represents around US$60 trillion in assets under management (AUM), or 34% of global AUM.

In Canada, women are expected to control $3.8 trillion in assets by 2028, nearly double the $2.2 trillion they held in 2019, according to a CIBC World Markets study.

At the same time, women are less likely to engage with financial advisors, with McKinsey estimating that 53% of assets controlled by women are currently unmanaged, compared with 45% of assets controlled by men.

Here’s how advisors who want to grow their practices through the historic wealth transfer — and ensure they retain clients — can prepare now.

Build relationships with both partners

Boomer women are at the forefront of the great wealth transfer, as many outlive their spouses. But advisors can’t take their loyalty for granted.

Canadian figures are hard to come by, but U.S. studies show that 80% of widows switch advisors within a year of their husband’s death. Advisors who make the effort to build relationships with both partners in a household are more likely to retain clients.

“Anyone who moves is because they don’t have a good relationship with their advisor,” Jamison said.

“Even though one of the spouses usually takes the lead, it’s important that both spouses be involved in every conversation, that they have a say, that they feel valued and heard, and that their goals are included in the financial plan.”

Micha Choi, a client portfolio manager with Guardian Capital Advisors, says advisors need to make a special effort to reach out to women, especially if they seem less interested and engaged.

“Most advisors will say, ‘Well, I always try to include wives, but they don’t come out. What do I do?’” Choi said it could be as simple as asking to speak to the wife separately.

If one partner in a couple isn’t interested or engaged, the advisor should try to find out why, Jamison said.

“It’s up to the advisor to find out, well, where does her interest lie? Because if her interest is all about the children, then let’s start by including her in the conversation about educational planning, perhaps that’s how you open the door to including her,” Jamison said. “If we do our job well and we have in-depth conversations, we’ll figure out what matters to her and find a way to include her in that conversation.”

Done right, both partners will appreciate the attention.

“Many of my male clients tell me often, ‘Natalie, I love that you include my wife in these conversations, because I know if I die first, you’ve got her back,’” Jamison said.

Choi, who cofounded Guardian Capital’s Guardian Women initiative four years ago, says her male clients are grateful for the program, which provides financial education and social events.

“We’re taking care of their family members. This is their estate planning,” Choi said. “So actually, a lot of my male clients love this and will say ‘Oh, thank you for including my wife. She’s interested. She’s learning. I can sleep better at night, knowing that she’ll be taken care of because now she has a relationship with you.’ So it’s actually strengthening the relationship.”

Use plain language

Industry jargon can be intimidating. Jamison said her clients sometimes say they think of her as a financial translator, because “finance can be like a completely different language.”

Using plain language helps everyone, she added.

Choi also focuses on using plain language and making complex concepts easier to understand.

Instead of using the term “investment objective,” she’ll ask questions that get to the core of a client’s goals, values and motivation, like: Do you want to leave money for your children? Do you care about certain charities? How do you want to live your life?

Then she makes it clear that the portfolio is there to support the client in achieving those goals.

Choi also avoids sports analogies including language about batting averages, and comparisons like relative performance, which in her experience women are generally less concerned with.

Take the time to explain

While women investors are sometimes perceived as lacking confidence, Choi says women expect more information and want help understanding what the advisor is proposing and why.

Women value advisors who provide financial education and who take time to explain concepts, strategies and investments.

“Women won’t invest in it if they don’t understand it, whereas a lot of my male clients will be like, ‘Yeah, let’s go ahead,’” Choi said, acknowledging that’s a generalization.

Jamison said advisors who are patient and take the time to explain concepts in depth will win client loyalty.

“Let them ask as many questions as they want. Women want to comprehend and understand, and that sometimes requires asking a lot of questions,” she said. “Just be patient and answer them — that also leads to building trust.”

Don’t make assumptions

Women are perceived as — and sometimes perceives themselves as — more conservative investors, Choi said. But that’s not always true.

Women are more “risk aware” and advisors may need to build trust with them more slowly.

“A male client who has a million dollars in his bank account will give me a million dollars and say, ‘Here, [invest] it,’” Choi said. “A woman with a million dollars in her bank account will say, ‘Can I start you out with $50,000 or $200,000?’ Then, once they get comfortable it’s, ‘Here is everything.’”

Often, Choi said, greater risk tolerance will come with more education and financial knowledge.

One client of Choi’s left another advisor because she was “devastated” by the 40% market fall that happened at the start of the pandemic. She cashed in her investments at a market low.

When Choi onboarded the new client, she explained what had happened in the market and why it was detrimental for her to sit on the sidelines with cash. Choi brought her back into the market over time, tranche by tranche. “When there was another market tumble after ‘Liberation Day,’ she felt fine.” Choi said.

“I don’t think we can generalize that women don’t have risk tolerance,” she said, explaining advisors need to properly explain risk to clients and educate them where necessary.

Be a BFF

The wealth transfer opens an opportunity for advisors to become a BFF — not a best friend forever, but a “best financial friend,” as many of Jamison’s widowed clients refer to her.

For them, they’ve lost a partner in life that was also their partner in managing their finances.

“I cannot replace the spouse, but I can become their financial partner,” Jamison said. “I become their sounding board for all financial decisions going forward, and that’s really what they need.”

Often, clients are “frozen” when they receive a significant inheritance and aren’t sure how to use the money in a meaningful way.

“Our job is to help them prioritize. Should they pay down debt. Should they retire early? Can they help adult children purchase a house? There are all these competing priorities, and they’re kind of unclear,” Jamison said.

“That can only be done with prudent financial planning and lots of discussions.”

Advisors also need to be sensitive to the emotion involved with any inheritance, which necessarily is accompanied by loss.

“Don’t rush someone to make financial decisions when they’re grieving their loved one that was just deceased.”

As advisors, our role often extends beyond managing wealth. We have the privilege of helping clients create a legacy and realize their deeper aspirations, especially those rooted in generosity, values and social impact.

One of the most rewarding parts of my work is supporting clients in giving back to causes that truly resonate with them. Recently, I had the opportunity to do just that with a client who was inspired to create a public art display to benefit four women’s shelters in Montreal.

It all began during an extended stay in Modena, Italy, where my client, Nori Bortulzzi, volunteered for an event called Viva Vittoria. It’s a one-day public art installation aimed at raising awareness and solidarity around violence against women. Deeply moved by the experience, Nori returned to Montreal determined to create a similar initiative that would raise funds and foster connection and creativity.

And so, Crafted for Courage 2025 was born.

The power of a donor advised fund

We set up a donor advised fund (DAF), a flexible, tax-efficient vehicle for charitable giving that we had previously established together. We also rebranded the fund under the Crafted for Courage name to give it a distinct identity that aligned with her mission and made it easier to promote the initiative publicly.

DAFs are one of the most effective tools advisors can offer clients who want to give back meaningfully. They allow donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time. This structure gives clients the ability to be both strategic and spontaneous in their philanthropy.

One of the most impactful funding strategies for a DAF is the in-kind donation of appreciated securities. Instead of selling investments and donating the cash proceeds, clients can contribute publicly traded securities that have increased in value. This approach offers two key benefits:

• Eliminates capital gains tax on the appreciated amount
• Provides a full charitable tax receipt for the fair market value of the securities

This strategy maximizes the value of the gift and enhances the client’s overall tax efficiency. It’s a smart way to align investment performance with philanthropic goals.

Personally, I’ve used this approach to fund my own family’s charitable foundation, donating shares from my ETF portfolio. It’s a powerful reminder that philanthropy and financial planning don’t have to be separate conversations. When integrated thoughtfully, they can reinforce each other.

For advisors, DAFs offer a unique opportunity to deepen client relationships. They open the door to conversations about values, legacy and impact, topics that go far beyond portfolio performance. And because DAFs are easy to administer and can be passed on to the next generation, they’re an ideal tool for clients who want to build a legacy of generosity.

Planning the event: community, creativity and collaboration

Nori spent countless hours over the span of a year bringing Crafted for Courage to life. She secured the beautiful Esplanade of Place Ville Marie in downtown Montreal and rallied an impressive team of volunteers. The concept was simple yet powerful: volunteers would knit blankets and visitors could donate $75 to the DAF to receive one. All proceeds would go to local women’s shelters.

To support her efforts, I also contributed through my own DAF by promoting a matching donation campaign within my network of clients and friends. This dual approach, client and advisor working together, helped boost both attendance and generosity.

The advisor’s role in philanthropy

The event was a resounding success, mobilizing $65,000 for four local organizations supporting women in need. Volunteers transformed more than 5,000 fabric squares into 500 handmade blankets, and welcomed hundreds of visitors. The atmosphere was inspiring, with many attendees making on-site donations to Nori’s DAF in exchange for a blanket.

This was a rewarding experience for my team and me, and for colleagues across Raymond James. The event took place during RJ Cares month, allowing us to mobilize volunteers and funds from within our firm.

Here are five takeaways on how advisors can support clients and positively impact their communities:

• Clarify intentions: By asking thoughtful questions, help clients identify the causes they care about and define their vision for impact.
• Structure giving: Whether it’s setting up a DAF, creating a private foundation or integrating charitable giving into estate planning, provide tailored solutions.
• Leverage networks: Our professional relationships can connect clients with the right partners, organizations and experts to amplify their efforts.
• Ensure sustainability: Design giving strategies that endure beyond a single event.
• Measure impact: By incorporating tracking tools, enable clients to see the tangible results of their generosity.

Crafted for Courage 2025 wasn’t just a fundraising event, it was a living example of what can happen when a client’s passion meets the right support and structure. It showed how philanthropy can be deeply personal, powerfully communal and impactful.

As advisors, we have the tools and the responsibility to help clients turn their values into action. When we do, we don’t just manage wealth, we help build legacies of meaning, purpose and compassion.

Sébastien Desmarais recalls a time when his client received “the offer of a lifetime” for their business, setting the wheels in motion for an exit.  

But because the client had never thought of creating a succession plan, they didn’t have their corporate, legal and tax records in order.   

With just a few months  to produce these documents for the deal to go through, the business owner ended up scrambling, said Desmarais, vice-president, tax and estate planner and business succession advisor with TD Wealth in Ottawa. 

“The purchaser knew full well at some point that the client was struggling to get things in order. So, they were playing hardball. They were about to renegotiate the prices down,” he said. “The emotional toll on that client was significant.” 

While Desmarais and his client were able to produce the required documents in time and the deal was completed at the initial offer price, the experience underlined a valuable lesson. 

“Business owners live every day for their business, so …  they don’t anticipate these successions, whether it’s an offer or letting go,” Desmarais said. “I think this is where advisors can really come together and help them, at least planting the seed to make sure everything is in order, or start putting things in order for that business owner.” 

Here’s how financial advisors can help their business owner clients plan a successful exit. 

Get clients thinking about their exit  

Advisors can get clients’ succession planning gears turning by asking key questions. 

For example, ask them what price they’d be willing to sell their business for.  

“That triggers a little bit of a subconscious idea that, ‘Wait a second, that can happen tomorrow, an unexpected offer,’” Desmarais said. 

They can also ask whether the client wants anyone in their family to take the reins of the business, and if so, what timeline they’re considering for such a transition.  

That will help them realize that if they want the business and the next generation to succeed, “they need to take the time to plan for it,” Desmarais said. 

Further, advisors should listen carefully to what their clients want in a succession — it can be an emotional life change.  

“Sometimes advisors like to take the lead and plan for what would be in the best interest of the client, and they may not align with the business owner, which brings frustration,” Desmarais said. 

This is especially crucial because for many entrepreneurs, their business is “kind of their baby,” said Kevin Zhao, senior engagement manager with Sapling Financial Consultants Inc. in Toronto.  

“They built it out for 20, 30, 40 years [in some cases], and they’re really trying to pass it off in a nice way, so that it can survive the future and not just kind of disappear into the unknown,” he said.  

Start the planning early 

While no two businesses are the same, the general rule of thumb is to plan a succession two to five years out from an anticipated exit or ownership transfer. 

This allows enough time for thorough preparation, including tax planning, identifying and developing successors and adequate consultation with experts. 

“I’d say if you give yourself five years, it gives plenty of time to the business owner to grasp the concept of business succession, of letting go, and make sure that the advisor crosses all the t’s and dots all the i’s properly,” Desmarais said.   

The harm of not planning far enough in advance is that something unexpected could happen, leaving a business owner’s family members, staff or even community members to pick up the pieces.  

“You’ve heard the stories saying, ‘He left a mess, passed away, no business succession plan,’” Desmarais said. “That could’ve been avoided or minimized, just with proper planning.” 

Zhao’s advice is to “start with the hard stuff.”  

If a business has “really bad” accounting or software systems that manage key parts of the business operations, he recommended homing in on those systems early on.  

“Trying to change the system itself could take half a year to a whole year, so starting there will be good,” he said. 

Connecting clients with the appropriate experts, including accountants, lawyers and business valuation professionals, early in the planning process also helps ensure a smooth transition. 

Closer to the selling day, business owners should undertake different initiatives “to show the growth trajectory of the business” to potential buyers, such as increasing their revenues and hiring more people, Zhao said.  

“If a big portion of the company’s revenues are one time in nature, non-recurring, or hard to predict, then buyers are more likely to discount that amount in the future,” he added. “But if you can show consistently, year over year, the same customers, same amount or increasing sales, then obviously that’s good and … increases the valuation.” 

Accounting for the accounting 

Before an offer comes in or a business owner client prepares to transfer ownership of their business, advisors should ensure their client consults an accountant or accounting team and that their financial statements are accurate and up to date.  

“If a third party comes in and says, ‘We’re looking at purchasing,’ and you say, ‘Here are my books, everything is in order — the tax implications are in order, financial statements, balance sheet, income statement,’ it brings confidence on the [part of the] purchaser,” Desmarais said.  

One thing to consider is whether the business owner needs to convert from cash to accrual accounting, which is seen as a more comprehensive and accurate picture of a company’s financial health. Accrual accounting features revenues and expenses that are recorded when they’re earned or incurred, not necessarily when cash is received, Zhao explained. 

“The converting process can be long, so that’s why if you start early, it can iron out other kinks,” he said. 

Where applicable, business owners must also reconcile their accounts and separate their personal and professional expenses in financial statements, Zhao recommended.  

Tax considerations 

Another key part of the succession planning process is accounting for tax implications. 

Advisors and other experts should pinpoint ways that their business owner clients can take advantage of tax incentives in Canada to either avoid, minimize or defer taxes.  

This includes the lifetime capital gain exemption (LCGE), which allows eligible small business owners to sell qualifying shares of their business and shelter up to $1.25 million in capital gains from taxation. 

In a family succession, it’s also possible for multiple family owners to use their individual LCGE, Desmarais said. 

Another potential future tax incentive is the Canadian Entrepreneurs’ Incentive (CEI), which has yet to receive royal assent. If the CEI gets implemented and is combined with the LCGE, eligible entrepreneurs could benefit from at least $3.25 million in total and partial lifetime capital gains exemptions when selling all or part of a business. 

“With proper tax planning, business owners will be able to potentially minimize their taxes, providing great value for all the hard work and time that they spent over the years in the business,” Desmarais said.  

Across North America, elite universities are quietly reshaping how we think about midlife and retirement, not through research papers or policy, but by launching immersive programs for leaders in transition.

These are not degree-granting programs. They are life-design experiences helping accomplished professionals explore what’s next through a mix of structured reflection, peer learning, purpose-driven projects and community.

They’re gaining traction fast. In fact, there are now more than 20 midlife transition programs offered globally from Harvard and Cambridge, to Notre Dame and the University of Colorado Denver. The trend started at elite institutions, but it is expanding into a broader range of universities and colleges, proving that the need for purposeful transition support is widespread.

These programs offer something the financial services industry urgently needs: a broader view of retirement planning. Advisors who want to stay relevant in the era of 100-year lives should pay attention.

For decades, the dominant questions in financial planning have been when the client can retire, and how much they will need to get there — important, but incomplete.

Today’s clients are navigating more than a financial shift. They recognize that they’re stepping into unfamiliar territory, leaving behind roles that once defined them. And they still feel the pull toward continued purpose, contribution and growth. They’re not looking to stop. They’re looking to reset and reimagine.

That’s exactly where these programs begin.

A growing movement

I served on the advisory board of Yale’s Experienced Leaders Initiative. It’s a six-month hybrid program designed to help individuals in their 50s and 60s step confidently into their next chapter. These are people who’ve had successful careers but still have more to offer.

The structure is thoughtful: two immersive in-person retreats, live virtual sessions, curated peer groups and a capstone impact project. The goal is to help participants move from aspiration to action with clarity, confidence and community.

At Stanford’s Distinguished Careers Institute (DCI), a pioneering program now in its 10th year, participants explore three pillars: renewing purpose, building community and recalibrating health and wellness. The DCI model blends academic learning with reflective practice, offering tools like memoir writing, purpose pathways and life-design workshops.

University of Chicago’s Leadership and Society Initiative offers the Imagine Pathway, a retreat-based experience designed for leaders who are still working but want to begin reflecting on what’s next. With quarterly in-person gatherings, coaching and peer learning groups, participants create a “Next Chapter Compass” to guide their future.

Stephen Blewitt, the former chief investment officer and head of private markets at Manulife Investment Management is quoted on the University of Chicago’s website promoting the program: “It’s an opportunity to look at my life and be very introspective — about myself, what my values are and what I really want to do with the next 20 years,” he wrote.

These programs offer unique approaches, but shared goals: to support reinvention, foster intergenerational community and treat this life stage not as a wind-down, but a time for continued contribution.

Value for advisors

These programs signal what growth-minded, curious clients are craving: structure, exploration, meaning and peer connection.

They attract c-suite executives, board members, physicians and entrepreneurs — the same client groups advisors seek to serve. There’s an opportunity for advisors to apply the best practices these programs have developed to better serve their clients.

Three suggestions:

1. Create community: What if advisory firms offered their own reinvention workshops or life-design retreats for clients entering this stage?
2. Expand the conversation: What if financial planning included next-chapter visioning sessions, where spouses reflect on shared purpose, not just shared accounts?
3. Design for reinvention: Help clients build flexible financial plans that support experimentation, career pivots or impact projects, not just retirement withdrawals.

Advisors don’t need to be life coaches, but they can be catalysts. And they can help build the scaffolding that so many clients in transition are looking for.

Universities around the world are building what the financial industry still lacks: a structured path for people transitioning from success to significance. These programs remind us that retirement is no longer a finish line; it’s a new beginning.

Financial planning will always require rigour, modelling and sound advice. But to truly serve clients in the era of longer lives, we need to expand the playbook. We need to move from technical planning to holistic guidance, integrating purpose, health, identity and community into the conversation.

The increasingly competitive landscape has pushed successful advisory teams to rethink their strategies, to stay relevant with clients and prospects. Alongside this, regulatory scrutiny and the push for greater transparency have intensified, leading to natural fee compression across the industry.

Forward-thinking advisors are adapting, moving toward fee-based models that align value with advice, not just product. When implemented effectively, this shift can deepen client relationships, increase satisfaction and improve retention.

Many advisors are hesitant. Moving to a fee-based model challenges the very foundation of how revenue is generated currently. Still, few would disagree that this is the direction the industry is heading.

It shouldn’t happen overnight though. Designing a fee-based, value-driven model requires an infrastructure to support it. That includes rethinking the value proposition, redefining client service models, realigning compensation and preparing the team both philosophically and technically.

The intention is clear, but success depends on a well-executed plan, internal alignment and above all, people delivering value.

Case study: A phased switch

An independent, IIROC firm with approximately $300 million in assets under management (AUM) enjoyed a strong presence in the large-case insurance segment. The firm primarily served high-net-worth clients, with average household AUM exceeding $1 million.

At a crossroads, the two founding partners — one investment-focused and the other expert in insurance and estate planning — recognized the need to evolve. While their practices differed, they aligned on a strategic objective: adopt a fee-for-service planning model to better articulate their value, increase engagement and unlock cross-selling opportunities.

Their initial concern was perceived value. With embedded fees already amounting to $8,000 –$10,000 annually on a $1 million portfolio, would clients be willing to pay an additional fee for a standalone financial plan?

They introduced the model in phases. All new clients went through a planning process with transparent fees from day one. Existing clients were transitioned gradually, beginning with those who had complex needs or were classified as top clients.

The firm also invested in refining its planning process and enhancing its deliverables to communicate the value beyond investment management.

The impact was clear. Clients were not only willing to pay for planning, but showed deeper engagement, stronger retention and greater openness to comprehensive advice.

Planning became a cornerstone of the client experience, and a competitive advantage. In essence, it was a shift towards a family office approach. The firm’s ability to clearly articulate its planning-first value proposition improved close rates and accelerated AUM growth.

Eventually, they brought on a seasoned planner to manage complex cases, allowing the partners to focus on growth and deepening client relationships. They also began resegmenting their book, letting go of less-engaged clients and leaning into relationships where planning added the most value.

The shift also unlocked larger, more complex insurance and estate planning opportunities, doubling revenue on that side of the business in one year.

Talent strategy as an enabler

This transformation wasn’t just about process; it was enabled by a deliberate and aligned talent strategy.

Here’s how:

1. Identifying skill gaps. They recognized the need for deeper technical expertise in planning and hired a dedicated planner to elevate deliverables and manage complexity.
2. Freeing up capacity. With planning off their plates, the partners focused on business development and strengthening high-value relationships, no longer working in fear of losing top clients.
3. Resegmenting the book with purpose. As the firm focused on more planning-engaged clients, roles and capabilities were structured to serve a more sophisticated client base.

Key takeaways for advisors

• Talent is strategy. Success in a value creation model depends on the people delivering the value. Hiring, training and aligning your team around this vision is essential.

• Avoiding evolution invites stagnation. Fee compression and changing client expectations require a proactive response.

• Change can be phased in. A shift to a new model doesn’t have to happen overnight. Start with new clients, then gradually transition existing ones.